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The Johan Sverdrup Oil Field development has been given the green light and major contracts have been awarded. Johan Sverdrup is among the largest oil fields on the Norwegian shelf, and will at peak contribute with 25% of the production from the Norwegian shelf.

The Tokyo-based company may close the plant within three to five years, Chairman Keiichiro Okabe said in an interview yesterday, without saying which refinery is being considered..

Like compatriots Nippon Oil, they are victims of the over capacity in Japan.

Japan’s surplus capacity has grown to about 30 percent of the total as fuel demand slumps because consumers have switched to cleaner alternatives and factories have reduced output amid the global recession.

There is still more to come, as Japanese refiners slowly come to terms with their new realities.